Business Ownership

Three Misconceptions To Throw Away For Your Business To Prosper

Three Misconceptions To Throw Away For Your Business To Prosper

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Entrepreneurship is an attractive concept because it is often associated with freedom, leisure and wealth. For many, taking a risk on a business venture is the first step towards living the lifestyle of their dreams. The result of a nationwide survey published by The Washington Post even revealed that 62% of millennials want to start their own business.

Regardless, everyone knows that success is never guaranteed in any business. An aspiring entrepreneur needs to come up with a sound business plan and brilliant marketing strategies in order for the startup to prosper. To be adept in running an enterprise, an individual may even take time to complete a business course or leaf through pages of thick business books.

These practices surely increase the chance of a startup to succeed; but if you seriously want to manage your own firm, do not forget to assess your ideals and assumptions too. There is nothing wrong in staying positive and being hopeful that victory will come easy. Nevertheless, you should also be prepared to break some of the common misconceptions about starting a business.

You will get rich fast.

Patience and determination are virtues that all entrepreneurs must have, because success is rarely handed on a silver platter. If your goal is to accumulate wealth in a short period of time without much effort, it is probably a wiser move to say goodbye to your entrepreneurial goals. You are not entering a get-rich-quick scheme, so it may take a while before you see the profits start rolling in. Keep in mind that most businesses have to wait for months or even years before finally getting their return of investment (ROI).

A business needs capital, so you may even have to endure some time without a salary.  While a profit will keep a firm running, a business that only exists for money may find it hard to sustain its growth. For a business to stay credible and competitive, its existence should contribute some value to society.

You will have more free time and can do anything you want.

Unlike a regular 9-5 job, an entrepreneur often enjoys a flexible work schedule. However, it does not mean that you will work fewer hours. One hard truth you have to face is that the new business may require you to work longer. You may even have to give up nights and weekends. While the idea of taking long vacations and having leisurely afternoons sounds appealing, an entrepreneur should be willing to sacrifice “me” time in order to attain a goal.

The time you spend on your business is an opportunity to boost income and productivity. So as an entrepreneur who wants to to reach targets, you will no longer mind if you have to put in more hours just to get the work done. Of course, work-life balance is always important, so time-management skills are essential for entrepreneurs.

You are your own boss and the  workload will be lighter.

If you want to be a business owner because the idea of backbreaking work puts you off, you are bracing yourself for failure. The fruits of an entrepreneur’s labor is usually achieved through commitment to work as hard as possible. Things may get easier once you start reaping the rewards of a successful startup but it is not wise to abandon your dedication to work diligently.Things may get easier once you start reaping the rewards of a successful startup but it is not wise to abandon your dedication to work diligently.

Business owners normally need to hire staff, so many people think that the sole duty of a business owner is to delegate tasks and order people around. It may be true that you will become your own boss, but this new status will bring in more responsibilities. As an employee, your only concern is the duties assigned to you. As a boss, you need to be aware about all aspects of the business. An entrepreneur exerts effort to work closely with all departments to monitor everything that is going on in the firm. Hands-on supervision is not easy, so if you want to go into business, be ready to work even harder.

The vision of a business owner reaping huge profits and enjoying life to the fullest attracts many people to entrepreneurship. This idea will unlikely come into fruition without full understanding of what a startup entails. To conclude, a wise entrepreneur makes smart decisions based on realistic views and accurate facts.

Howie and Theresa DanzikThree Misconceptions To Throw Away For Your Business To Prosper
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3 Ways to Prevent Burnout as an Entrepreneur

3 Ways to Prevent Burnout as an Entrepreneur

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In its most recognizable sense, burnout is dreading the workday before it’s even started. It’s the feeling that you are both lost and drowning in your work with no foreseeable end. Burnout is the loss of motivation and even the very vision of your long-term goals. The scary reality of burnout is that it is a common and very real fear among any job in any profession. It takes many different forms, and it feels different for different people. But at its core, burnout is the loss of feeling and passion for what used to drive you.

But, what makes it especially terrifying for entrepreneurs? Entrepreneurship requires risky leaps of faith, sacrifice, and pure confidence in yourself to carry out your dreams. It requires grit and gumption to see your dreams through, and there isn’t a more disheartening feeling than to witness yourself losing grip of that motivation and drive as an entrepreneur. The fear of failing your clients, your family, and yourself sparks all other fears associated with entrepreneurship. Burnout is a reality for some, but it doesn’t have to be your reality. Read on to find out how you can prevent burnout as an entrepreneur.

3 Ways to Prevent Burnout as an Entrepreneur

Understand the difference between having passions and being passionate.

The difference between having passions and being passionate may sound confusing, but it’s actually really quite simple. While you may be passionate about your work, your work does not have to be or need to be your passion. Rather your passion is the thing that drives you to be passionate about your work. Your passion should be the things that give you a reason to go to work each day. Your passion may be your family, so you arrive at work every day passionate to accomplish that day’s tasks. Your passion may be to help those in need get their life back on track, so you wake up passionate every day to work hard to make this a reality.

Remind yourself that you don’t have to be the best at what you do to experience success.

This is a common misunderstanding among any working professional, but it specifically plagues the mindset of entrepreneurs. Despite popular belief, you don’t have to be number one to be successful. You just have to be willing to work day in and day out for that success – no matter what it entails. You have to keep an open mind every day you show up to work, listen honestly to feedback and the opinions of others, and remain flexible in everything that you do. More than anything else, you have to devote 110 percent of yourself to your work throughout the workday, which brings us to the next point.

Remember why you started your own business.

Even if it seems like eons ago, there was a reason you dropped everything, took a giant leap of faith, and started your own business. And that reason still exists, so remind yourself of it every day. Whenever you feel yourself losing sight of your goals, tap back into the mindset, motivation, and drive that got you started. It will propel you forward and keep your vision and focus intact.

Entrepreneurship is never easy; it requires a lot of patience, hard work, effective communication, and excellent time management. But, these are all things that can be attained with the right mindset. Stay passionate and confident, and you will never burnout.

Howie and Theresa Danzik3 Ways to Prevent Burnout as an Entrepreneur
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How to Communicate More Effectively

How to Communicate More Effectively

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Regardless of what industry you work in or what field you’re a part of, effective communication is essential for the success of everyone in your sphere. The most effective communicators are the ones that get things done; they’re the ones who know how to delegate as well as how to take charge. In order to fulfill your truest potential, it’s important to learn how to communicate as effectively as possible. Though a quick article can’t give you all the answers you’re seeking, the hope is that this will be a helpful starting place for you on your journey to becoming a well-rounded leader and a more effective communicator in a work context—and otherwise.

How to Communicate More Effectively

Be Flexible, But Don’t Bend Over Backwards

Flexibility is such a vital trait for an effective communicator—and even more so for a business owner. That being said, being overly flexible can end up breaking you. To be a truly effective communicator, you have to figure out how to tow that line and strike that balance.

As we’ve said before, greatness lives in pushing boundaries. But you don’t want to push yourself beyond what’s helpful for those around you. Communicate your needs and trust that those around you will have your back.

Listen More Than You Speak

It’s a fairly common sentiment that we have two ears and one mouth for a reason: we are meant to listen twice as much as we speak. And as corny as it may seem, it’s really true. In order to develop the most effective communication skills, you have to be willing and able to listen to those around you.

In listening to those around you, you not only pick up on the ways that they prefer to communicate, but you also absorb all of the knowledge and wisdom that they have to impart to you.

Commit to Transparency

Transparency is key to effective communication. If you can’t be open and honest with your thoughts and feelings, then you haven’t been communicating anything of importance. And, as the endlessly sagacious Dr. Seuss once wrote, “Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind.”

When you commit to transparency within your business, you’ll find that a culture of trust blossoms and blooms—and there’s nothing more sacred and beautiful as an effective communicator than trust.

Howie and Theresa DanzikHow to Communicate More Effectively
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